QQQ keeps tagging the bottom of its navy blue roll-up price channel without making it to the channel top. That could mean a top is forming, though we don’t know for sure until it breaks the channel bottom.
I’ve drawn a rising wedge top (orange) inside the channel with a megaphone top as part of an even more extended top just to show you how long a top here could drag out. QQQ could also put in a much faster, smaller top here, or it could zoom up to the top of the channel (or even break out upwards from it into a steeper channel) to start a new top much higher.
QQQ needs a pullback to at least the 106 area. It has a decent chance of correcting all the way to the area of the August 2015 low. A correction to the level of the 2010 lows is possible.
We’ll know a lot more after we see how long it takes QQQ to top.
The blue rising megaphone isn’t carved into stone (no trading formation ever is). I could be redrawing it to allow for extensions depending on how this top plays out.